中國水務(00855.HK):2020年財年上半年股東應占淨利同比增36.4%至8.81億港元,業績超出預期,維持“買入”評級
機構:國泰君安
評級:買入
事件描述:中國水務(“公司”)公佈2020財年上半年業績。

中國水務(00855HK)公佈2020財年上半年收入同比增5.1%至43.55億元(港元,下同),股東淨利同比增36.4%至8.81億元。業績超出預期,主要因為分佔聯營公司業績同比大增2.61億元至2.91億元,因新收購的聯營公司康達國際(06136HK)貢獻了2.15億元的收購代價折讓及0.45億元的應占溢利。扣除該影響後業績符合預期。期內,供水水費收入增長10.6%至11.28億元、供水接駁服務收入增長10.1%至7.62億元、供水建設服務收入增長18.2%至15.37億元、污水處理收入增長18.6%至1.74億元、污水處理及環境建設服務收入下降46.3%至3.52億元。供水及污水處理收入穩步增長,但環境建設服務收入大跌,主要因為公司為了控制風險減少承接水環境治理建設服務工程所致。整體毛利率同比下跌1.1個百分點至42.8%,主要因為毛利率較低的建設服務業務佔收入比重提高。銷售費用率、行政費用率及財務費用率分別同比提高0.1個百分點、0.5個百分點及1.2個百分點至2.3%、8.3%及5.5%。主要因為收入增速因承接水環境治理項目減少而減慢所致,費用實際增速沒有超出預期。
我們認為公司的業績反映其穩健的增長策略,但在整體基數增大後,增速正面臨放緩的壓力。即使如此,公司現時估值較同業有較大折讓,足以反映其增速放緩的風險。此外,公司增加派息亦反映其對未來正面的看法。公司積極尋找新的盈利增長點,例如與日本知名企業歐力士及東麗合作產銷淨水設備等,以及積極開拓新市場,將有助於其未來盈利再度提速。我們將於下一份報告檢討盈利預測及目標價,但應維持“買入”評級。
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